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Klondike Gold Corp (3)
Symbol C : KG
Shares Issued 108,725,557
Close 2019-06-10 C$ 0.28
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Klondike Au adds 2nd drill, begins drilling at Klondike

2019-06-10 10:45 ET - News Release

Mr. Peter Tallman reports

KLONDIKE GOLD ADDS SECOND DRILL, COMMENCES DRILLING AT NUGGET ZONE

Klondike Gold Corp. has mobilized a second drill rig and begun diamond drilling at the Nugget zone as part of a $2-million exploration program (see news release dated May 16, 2019) on the company's wholly owned, 563-square-kilometre Klondike district property in the Yukon.

The second drill rig is targeting the Nugget fault, including the Nugget zone, following up high-grade gold mineralization hosted by quartz veining discovered there between 2015 and 2018. Approximately 30 drill holes are planned to test this zone as part of a 60-hole program testing multiple targets. Drilling with the first rig continues at Gay Gulch, with assays expected in late July (see news release dated May 28, 2019).

Summary:

  • Drilling with the second rig has commenced, targeting the Nugget zone and along the Nugget fault over a 1.3-kilometre length. Approximately 30 shallow drill holes are planned.
  • The Nugget zone was originally drilled in 2015. Discovery hole EC15-01 intersected gold-bearing quartz veining, which assayed 40.3 grams per tonne gold over 0.45 metre within a broader interval assaying 4.6 grams per tonne gold over 7.65 metres. Four of six holes drilled in 2015 contained visible gold.
  • Assay results from this portion of the 2019 drill program are anticipated in late July and early August.
  • Drilling with the first rig continues at Gay Gulch, with assays expected in late July.

2019 Nugget zone target

The Nugget zone is associated with a prominent, eight-kilometre-long, northwest-trending magnetic low, named the Nugget fault, which also hosts the Glacier Gulch zone and Nugget East zone, as well as 1,900 small mine workings and numerous other gold occurrences located along it. The Nugget fault is intersected by several younger, north-trending magnetic low faults that localize kinks or bends, which are prospective for focusing of gold-bearing quartz veins. The Nugget fault is parallel to, and located one km north of, the Eldorado fault, which hosts the Gay Gulch zone (see news release dated May 28, 2019).

Between 2015 and 2018, approximately 70 drill holes were completed along the Nugget fault "fairway" over a 2.25 km distance (from the Glacier Gulch zone to the Nugget East zone), with nearly all of them intersecting gold mineralization. High-grade (greater than 20 grams per tonne gold) gold has been intersected over narrow intervals, including 336.6 grams per tonne gold over 0.22 metre as well as 147 grams per tonne gold over 0.22 metre, in quartz veins, as listed in an attached table.

Selected broader intervals of intermediate-grade gold, including the high-grade intersections, if present, include, as example, 5.1 grams per tonne gold over 14.34 metres (EC16-32), as listed in an attached table. Holes are drilled at a minus-55-degree angle; consequently, the intervals listed in an attached table are near surface.

HIGH-GRADE GOLD INTERVALS FROM 2015 TO 2018 DRILLING ALONG THE NUGGET FAULT
 
Hole ID      From (m)    To (m)    Au (g/t)    Interval (m)            Zone   
    
EC15-01         3.80      4.25        40.3            0.45           Nugget     
EC15-03         9.95     10.20        37.9            0.25           Nugget     
EC15-03         5.10      5.45        30.2            0.35           Nugget     
EC15-03        47.80     48.30        25.4            0.50           Nugget     
EC15-03        11.50     12.00        22.2            0.50           Nugget     
EC15-16        30.10     31.00        23.9            0.90      Nugget East
EC16-32         5.10      5.32       147.0            0.22      Nugget East
EC16-54        33.05     33.27       336.6            0.22      Nugget East
EC17-140       89.92     91.44        31.9            1.52      Nugget East
EC18-231       96.50     98.00        23.5            1.50      Nugget East
EC18-234       49.68     50.60        47.4            0.92      Nugget East

       SELECT BROAD INTERVALS OF INTERMEDIATE-GRADE GOLD INTERVALS 
           FROM 2015 TO 2018 DRILLING ALONG THE NUGGET FAULT

Hole ID      From (m)    To (m)    Au (g/t)    Interval (m)            Zone 
      
EC15-01         3.80     11.45         4.6            7.65           Nugget     
EC15-03         4.40     12.00         5.7            7.60           Nugget     
EC16-32         3.55     17.89         5.1           14.34      Nugget East
EC16-54        33.05     42.08         9.5            9.03      Nugget East

Approximately 30 shallow holes are planned to test for continuity and extensions of high-grade gold mineralization in quartz veining similar to the mineralization identified in previous years. Additional holes are expected, contingent upon positive results. The Nugget zone drilling campaign may be complete at the earliest by end of June. Assay results from earliest drill holes are expected to become available by late July.

Qualified person review

The technical and scientific information contained within this news release has been reviewed and approved by Ian Perry, PGeol, Klondike Gold's vice-president of exploration, a qualified person as defined by National Instrument 43-101 policy.

About Klondike Gold Corp.

Klondike Gold is a Canadian exploration company with offices in Vancouver, B.C., and Dawson City, Yukon. The company is focused on the exploration and development of the Lone Star gold target at the confluence of Bonanza Creek and Eldorado Creek, within a district-scale, 563-square-kilometre property that is accessible by government-maintained roads and located on the outskirts of Dawson City, Yukon, within the Tr'ondek Hwech'in First Nation traditional territory.

We seek Safe Harbor.

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